Innovation Perspectives - Trend Spotting Collaboration

This is the seventh of several 'Innovation Perspectives' articles we will publish this week from multiple authors to get different perspectives on 'Who should be responsible (if anyone) for trend-spotting and putting emerging behaviors and needs into context for a business?'. Here is the next perspective in the series:

by Vyoma Kapur

Typically, a corporation would hire a market research or a consulting firm to keep up-to-date with the latest consumer trends. Millward Brown, Iconoculture and Forrester are examples of firms which use sophisticated research techniques to advise their clients on how consumers are behaving today, and how they might behave tomorrow. Whether we are talking about changing media habits, evolving taste buds or the growing popularity of a certain sport, keeping tabs on consumer lifestyles does not happen automatically. Time, effort and capital need to be invested to stay ahead of rapidly changes and adapting business operations accordingly.

However, trend-spotting does not always have to be a function of active, dedicated research. Often, passive observation can result in insightful findings of emerging habits and trends. With an observant eye, anyone can identify and take note of valuable information around him or her in the physical space. With information at our fingertips, we are also equipped to browse through the virtual space of blogs, forums and social networks at our convenience. Such an enormous amount of content can tell us something about every facet of consumer lifestyles. Hence, active observation of social activity is a resource everyone can and should take advantage of when it comes to trend-spotting and understanding emerging behaviors.

This is not to say that casual observations should not be verified or backed up by data. Noticing something is only starting point of successful trend-spotting. Following that, objective and unbiased research needs to be carried out before a particular trend or behavior can be evaluated for business.

Therefore, for an organization to optimize its market research efforts, all its employees should take personal responsibility for trend-spotting and then sharing key observations internally. An internal communication system, where employees can post and discuss observations could be implemented. An open forum would enable everyone in the company to either back a particular observation ("I have noticed that too") or reject it ("I have noticed quite the opposite of that").

Employees could be given incentives in the form of prizes for the "Trend-spotter of the month". The most relevant observations could then be taken to the next level where their implications for business are discussed and further action is taken. Such an effort in open collaboration would facilitate the movement towards more effective and holistic ways of trend-spotting.


You can check out all of the 'Innovation Perspectives' articles from the different contributing authors on 'Who should be responsible (if anyone) for trend-spotting and putting emerging behaviors and needs into context for a business?' by clicking the link in this sentence.

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A marketing professional turned entrepreneur, Vyoma avidly supports and practices open innovation. Earlier this year, she founded Colspark LLC (www.colspark.com), a crowdsourcing platform to help companies tap into student talent for ideas and solutions.